13F-HR 1 form13f05q2.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 13F FORM 13F COVER PAGE Report for the Quarter Ended: June 30, 2005 Check here if Amendment [ ]; Amendment Number: This Amendment (check only one.): [ ] is a restatement. [ ] adds new holdings entries Institutional Investment Manager Filing this Report: Name: Cutler Investment Counsel, LLC Address: 3555 Lear Way Medford, OR 97504-9759 13F File number: The Institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists and tables, are considered integral parts of this form. Person signing this report on behalf of Reporting manager: Name: Carol S. Fischer Title: Chief Operating Officer Phone: 541-770-9000 Signature, Place, and Date of Signing /s/ Carol S. Fischer Medford, OR August 9, 2005 Report Type (Check only one.): [X] 13F Holdings Report. [ ] 13F Notice. [ ] 13F Combination Report. List of other Managers Reporting for this Manager: NONE I am signing this report as required by the Securities Exchange Act of 1934. FORM 13F SUMMARY PAGE REPORT SUMMARY: NUMBER OF OTHER INCLUDED MANAGERS: 0 FORM 13F INFORMATION TABLE ENTRY TOTAL: 45 FORM 13F INFORMATION TABLE VALUE TOTAL: $122,176,000 LIST OF OTHER INCLUDED MANAGERS: NO. 13F FILE NUMBER NAME FORM 13F INFORMATION TABLE VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- 3M CO COM COM 88579Y101 2894 40030.0000SH SOLE 35980.0000 4050.0000 AETNA INC NEW COM COM 00817Y108 305 3680.0000SH SOLE 880.0000 2800.0000 ALCOA INC COM COM 013817101 2947 112785.0000SH SOLE 100245.0000 12540.0000 BRISTOL MYERS SQUIBB COM COM 110122108 3881 155365.0000SH SOLE 140665.0000 14700.0000 CATERPILLAR INC DEL COM COM 149123101 3482 36535.0000SH SOLE 32035.0000 4500.0000 CHEVRON CORP COM COM 166764100 3970 71000.0000SH SOLE 62800.0000 8200.0000 CISCO SYS INC COM COM 17275R102 407 21320.0000SH SOLE 5520.0000 15800.0000 CITIGROUP INC COM COM 172967101 3800 82193.0000SH SOLE 72273.0000 9920.0000 CONAGRA FOODS INC COM COM 205887102 3171 136900.0000SH SOLE 119650.0000 17250.0000 CONOCOPHILLIPS COM COM 20825C104 4845 84284.0000SH SOLE 74934.0000 9350.0000 CONSOLIDATED EDISON COM COM 209115104 2904 62000.0000SH SOLE 62000.0000 DELL INC COM COM 24702R101 476 12060.0000SH SOLE 2930.0000 9130.0000 DOW CHEM CO COM COM 260543103 2763 62050.0000SH SOLE 62050.0000 DU PONT E I DE NEMOURS COM COM 263534109 1240 28840.0000SH SOLE 28840.0000 EMERSON ELEC CO COM COM 291011104 2925 46710.0000SH SOLE 42780.0000 3930.0000 EXELON CORP COM COM 30161N101 4139 80640.0000SH SOLE 70690.0000 9950.0000 EXXON MOBIL CORP COM COM 30231G102 5578 97060.0000SH SOLE 89860.0000 7200.0000 FREDDIE MAC COM 313400301 493 7560.0000SH SOLE 1760.0000 5800.0000 GENERAL ELEC CO COM COM 369604103 3324 95930.0000SH SOLE 84180.0000 11750.0000 HEWLETT PACKARD CO COM COM 428236103 3862 164250.0000SH SOLE 143850.0000 20400.0000 INTEL CORP COM COM 458140100 309 11885.0000SH SOLE 2635.0000 9250.0000 INTERNATIONAL BUS MACH COM COM 459200101 424 5720.0000SH SOLE 1650.0000 4070.0000 JOHNSON & JOHNSON COM COM 478160104 3424 52680.0000SH SOLE 47920.0000 4760.0000 JPMORGAN CHASE & CO COM COM 46625H100 3257 92225.0000SH SOLE 80775.0000 11450.0000 KIMBERLY CLARK CORP COM COM 494368103 3583 57250.0000SH SOLE 50250.0000 7000.0000 LINCOLN NATL CORP IND COM COM 534187109 4308 91815.0000SH SOLE 83475.0000 8340.0000 MCGRAW HILL COS INC COM COM 580645109 3628 81980.0000SH SOLE 72580.0000 9400.0000 MERCK & CO INC COM COM 589331107 3336 108320.0000SH SOLE 94720.0000 13600.0000 MICROSOFT CORP COM COM 594918104 489 19670.0000SH SOLE 5020.0000 14650.0000 NATIONAL FUEL GAS N J COM COM 636180101 4425 153065.0000SH SOLE 136615.0000 16450.0000 PEOPLES ENERGY CORP COM COM 711030106 3116 71690.0000SH SOLE 68490.0000 3200.0000 PEPSICO INC COM 713448108 449 8320.0000SH SOLE 1780.0000 6540.0000 PFIZER INC COM COM 717081103 3742 135695.0000SH SOLE 115975.0000 19720.0000 PITNEY BOWES INC COM COM 724479100 3303 75850.0000SH SOLE 66400.0000 9450.0000 PNC FINL SVCS GROUP COM COM 693475105 501 9200.0000SH SOLE 9200.0000 PROCTER & GAMBLE CO COM COM 742718109 2994 56750.0000SH SOLE 50000.0000 6750.0000 PUBLIC SVC ENTERPRISE COM COM 744573106 367 6040.0000SH SOLE 6040.0000 SBC COMMUNICATIONS INC COM COM 78387G103 3019 127100.0000SH SOLE 127100.0000 SYSCO CORP COM COM 871829107 3428 94710.0000SH SOLE 82920.0000 11790.0000 UNITED TECHNOLOGIES CP COM COM 913017109 3511 68370.0000SH SOLE 61370.0000 7000.0000 US BANCORP DEL COM NEW COM 902973304 3881 132916.0000SH SOLE 116916.0000 16000.0000 VERIZON COMMUNICATIONS COM COM 92343V104 241 6986.0000SH SOLE 6986.0000 WELLS FARGO & CO NEW COM COM 949746101 3422 55565.0000SH SOLE 48655.0000 6910.0000 WEYERHAEUSER CO COM COM 962166104 251 3950.0000SH SOLE 3950.0000 WYETH COM COM 983024100 713 16020.0000SH SOLE 16020.0000 COMPANIA ANONM TEL VEN SPON AD ADR 204421101 456 24090 SH SOLE 5190 18900 GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 283 5840 SH SOLE 2640 3200